10 Homeowner’s Insurance Endorsements for Extra Protection
What is included in your basic homeowner’s insurance policy? If you find that you need more coverage, consider adding these endorsements for extra protection that meets your needs.
Massive earthquakes seem to be the norm these days and insuring your home against one is not a bad idea. With an earthquake endorsement, you are covered for repairs to your home and other structures not attached to your home, like your garage, after an earthquake.
2. Sewer Backup
You would think this is automatically included in water damage but it is not. Consider adding this to your policy because it can be a difficult repair, not to mention a health risk to your family.
3. Personal Property Replacement Cost
In the event of a covered loss, you are paid the replacement cost for your personal property without depreciation. For example, you will not be paid the cost of a six-year-old couch, but the cost of a new one – very nice indeed.
4. Inflation Guard
In case of a total loss, the coverage of your home may not be enough to pay for a replacement, considering inflation costs. But with an inflation guard endorsement, the coverage amount automatically increases every year, keeping up with inflation.
5. Scheduled Personal Property
A standard homeowner’s policy covers valuable items but at a set dollar limit. A scheduled endorsement for personal property ensures you can replace all these items at full value in the event of a loss.
6. Theft Coverage
This protects your personal assets against theft.
7. Watercraft Endorsement
If you have a boat, this is a useful endorsement to have. The extra coverage protects you from damages while using your boat and when it is docked. Liability protection and medical fees associated with a boating accident are also included.
8. Personal Injury Endorsement
Instead of paying for a separate policy, you can add this as an endorsement to get covered for false arrest, wrongful eviction, slander, defamation, personal and advertising injury legal liability, and other types of personal injuries.
9. Home Business Endorsement
For people growing a home business, get this endorsement for business equipment and legal liability coverage. This usually has a limit of 50% of the coverage for your main residence.
10. Secondary Residence Premises Endorsement
Insure your vacation home or any secondary property for less with this added endorsement. It may be simpler to add it to your existing homwoener’s insurance policy than purchase a separate one.